RealEstateFraud – Mumbai Police Nab Property Scam Suspect After Months
RealEstateFraud – A major property fraud case in Mumbai has taken a significant turn with the arrest of a businessman accused of deceiving an estate consultant out of more than ₹35 lakh through a disputed flat transaction. Police officials say the accused was apprehended after an extensive investigation and is now being questioned regarding similar allegations that may have affected multiple individuals over several years.
Mumbai police have arrested Ashish Prakash Chandragiri, a director of a private company, in connection with an alleged real estate fraud that surfaced earlier this year. Investigators claim that Chandragiri lured individuals into property deals by offering attractive housing opportunities and collecting substantial sums of money without completing the promised transactions.
Long-Standing Acquaintance Led to Property Deal
According to the complaint, Tukaram Gopale, an estate agent residing in Borivali’s Kajupada area, had known the accused for several years. Their connection reportedly developed after Gopale’s daughter worked for Chandragiri’s company, MedLife 365 Multitrade Pvt Ltd.
In 2021, while exploring options to purchase a residential property, Gopale identified a flat on his own. However, police said Chandragiri persuaded him to abandon that choice and instead consider another apartment located near Borivali railway station. The property was reportedly offered for ₹45 lakh, with a substantial advance payment requested at the beginning of the deal.
Payments Made but Flat Never Delivered
Investigators said Gopale gradually transferred a total of ₹35.77 lakh to the accused, believing that the flat booking process was moving forward. Despite receiving the funds, Chandragiri allegedly failed to secure the apartment or hand over possession as promised.
As the delay continued, the accused is said to have sought additional money, claiming that further funds were necessary to complete documentation and speed up possession procedures. Trusting those assurances, Gopale reportedly paid another ₹4 lakh.
Police records indicate that the complainant also spent around ₹3 lakh on rent over an extended period while waiting for the promised property to be made available.
Refund Assurances Failed to Materialize
When repeated delays raised concerns, Gopale allegedly requested the return of his money. Authorities said Chandragiri assured him that the amount would be repaid after the sale of a property located in Virar.
However, investigators claim that the promised repayment never took place. Matters worsened when cheques allegedly issued by the accused were returned unpaid because of insufficient funds in the bank account linked to them.
The bounced cheques and continued failure to refund the money ultimately prompted the complainant to seek legal action.
Police Launch Investigation and Arrest Accused
Following the complaint, officers at Kasturba Marg police station conducted an inquiry into the allegations. After reviewing financial transactions and other supporting documents, police registered a case involving charges related to cheating and misuse of funds.
Authorities then launched a search operation to locate the accused. After nearly three months of investigation and tracking efforts, Chandragiri was taken into custody.
Police officials confirmed that he is currently in remand and is being questioned about other property-related transactions that may reveal a broader pattern of fraudulent activity.
Probe Continues Into Possible Additional Victims
Investigators are now examining whether similar complaints exist against the accused. Officials believe additional individuals may have been targeted through comparable real estate schemes involving promises of residential flats and investment opportunities.
The investigation remains active, and police are continuing to gather evidence while reviewing financial records linked to the case. Further legal action will depend on the findings that emerge during the ongoing inquiry.